The Zambia Securities and Exchange Commission issued a public notice confirming it imposed administrative penalties on Mr. George Nshindano Mtonga for providing advice on investments in securities without a licence and for promoting an unauthorised collective investment scheme, and on Mukwa Fund Limited for dealing in securities without a Commission licence. The Commission found that between 3 November 2020 and 13 May 2024 Mr. Mtonga used social media to promote himself as an investment adviser in securities in Zambia and the United States despite not being licensed, and used Mtonga Group Inc to promote a collective investment scheme called Mukwa Fund and solicit funds from Zambian nationals even though neither Mtonga Group Inc nor Mukwa Fund was licensed as a fund manager or collective investment scheme. Separately, it found that between 10 May 2024 and 30 May 2024 Mukwa Fund Limited launched a website advertising securities-related services including stock trading, bonds investment and wealth management, despite not being licensed to conduct securities business in Zambia.
Zambia Securities & Exchange Commission 2025-07-25
Zambia Securities and Exchange Commission imposes administrative penalties on George Mtonga and Mukwa Fund Limited for unlicensed securities advice and unauthorised collective investment scheme promotion
The Zambia Securities and Exchange Commission penalized Mr. George Nshindano Mtonga for unlicensed investment advice and promoting an unauthorized investment scheme, and Mukwa Fund Limited for dealing in securities without a license. Mr. Mtonga used social media to promote himself and Mukwa Fund, soliciting funds without proper licensing, while Mukwa Fund Limited advertised securities services online without authorization.